(Sharecast News) - Major indices were in the red early on Monday after Donald Trump announced a blockade of the Strait of Hormuz, with weekend peace talks between Washington and Tehran ending without an agreement.
As of 1455 BST, the Dow Jones Industrial Average was down 0.77% at 47,548.57, while both the S&P 500 and Nasdaq Composite shed 0.35% to 6,793.30 and 22,822.53, respectively.
The Dow opened 368 points lower on Monday, extending losses recorded in the previous session as investors paused for breath following the recent rally, with a key inflation reading and geopolitical developments firmly in focus.
The collapse of negotiations in Islamabad reignited concerns that the conflict with Iran could drag on, fuelling higher oil prices and adding further strain to the global economy. West Texas Intermediate crude jumped 7.29% to $103.61 a barrel following the announcement, while benchmark Brent rose 7.03% to $101.89 a barrel.
"Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said. "The Blockade will begin shortly. Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION."
US Central Command said it would begin blocking all maritime traffic in and out of Iran's ports at 1500 BST on Monday, though vessels using the strait to reach nonIranian ports would not be affected.
The blockade comes after JD Vance left Islamabad without a deal, citing Iran's refusal to halt its pursuit of nuclear weapons, as well as Tehran's demands for control of the Strait of Hormuz, war reparations and the release of frozen assets. Pakistani officials later said they would attempt to restart talks in the coming days.
Trump, who announced the naval blockade after the talks broke down, was also said to be considering resuming military strikes on Iran, according to the Wall Street Journal.
On the macro front, March existing home sales figures will be released at 1500 BST.
In the corporate space, Goldman Sachs posted firstquarter numbers on Monday, delivering earnings and revenue that came in ahead of Wall Street forecasts at $17.55 per share and $17.23bn, respectively. However, the stock traded lower in early action as its fixed income unit reported quarterly figures that disappointed investors.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $62.38 3.70%
Dow Chemical Co. (DOW) $39.01 2.55%
Apple Inc. (AAPL) $260.48 0.86%
Caterpillar Inc. (CAT) $790.66 0.46%
Goldman Sachs Group Inc. (GS) $907.80 0.45%
Microsoft Corp. (MSFT) $370.87 0.40%
Amgen Inc. (AMGN) $351.02 0.07%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walmart Inc. (WMT) $0.00 0.00%
Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $46.04 -3.64%
Salesforce.Com Inc. (CRM) $164.96 -3.45%
Nike Inc. (NKE) $42.62 -3.14%
Cisco Systems Inc. (CSCO) $82.22 -2.88%
International Business Machines Corporation (CDI) (IBM) $230.76 -2.71%
Travelers Company Inc. (TRV) $297.26 -1.97%
American Express Co. (AXP) $313.50 -1.34%
Visa Inc. (V) $304.36 -1.27%
McDonald's Corp. (MCD) $305.68 -1.25%
Johnson & Johnson (JNJ) $238.46 -1.18%
S&P 500 - Risers
Amazon.Com Inc. (AMZN) $238.38 5.91%
Broadcom Inc. (AVGO) $371.55 4.42%
McCormick & Co. (MKC) $53.71 4.41%
Lam Research Corp. (LRCX) $263.66 4.34%
Advanced Micro Devices Inc. (AMD) $245.04 4.26%
Coty Inc. Class A (COTY) $2.17 3.83%
Nvidia Corp. (NVDA) $188.63 3.76%
Intel Corp. (INTC) $62.38 3.70%
Nektar Therapeutics (NKTR) $77.50 3.37%
Netflix Inc. (NFLX) $103.01 3.34%
S&P 500 - Fallers
Akamai Technologies Inc. (AKAM) $91.35 -19.85%
Dxc Technology Company (DXC) $11.44 -7.52%
Cadence Design Systems Inc. (CDNS) $265.66 -7.22%
Fortinet Inc. (FTNT) $76.70 -7.21%
Intuit Inc. (INTU) $350.94 -6.86%
Autodesk Inc. (ADSK) $218.45 -6.33%
CH Robinson Worldwide Inc (CHRW) $163.49 -6.07%
Verisk Analytics Inc. (VRSK) $164.28 -5.52%
Jack Henry & Associates Inc. (JKHY) $147.20 -5.50%
F5 Inc. (FFIV) $289.81 -4.69%
Nasdaq 100 - Risers
Amazon.Com Inc. (AMZN) $238.38 5.91%
Broadcom Inc. (AVGO) $371.55 4.42%
Lam Research Corp. (LRCX) $263.66 4.34%
Nvidia Corp. (NVDA) $188.63 3.76%
Intel Corp. (INTC) $62.38 3.70%
Netflix Inc. (NFLX) $103.01 3.34%
Asml Holdings N.V. (ASML) $1,478.28 2.97%
KLA-Tencor Corp. (KLAC) $1,737.28 2.93%
JD.com, Inc. (JD) $28.93 2.57%
PACCAR Inc. (PCAR) $127.19 1.95%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $2.14 -10.27%
Cadence Design Systems Inc. (CDNS) $265.66 -7.22%
Intuit Inc. (INTU) $350.94 -6.86%
Autodesk Inc. (ADSK) $218.45 -6.33%
Check Point Software Technologies Ltd. (CHKP) $135.22 -6.04%
Verisk Analytics Inc. (VRSK) $164.28 -5.52%
Automatic Data Processing Inc. (ADP) $188.79 -4.32%
Illumina Inc. (ILMN) $120.93 -3.85%
Synopsys Inc. (SNPS) $392.24 -3.78%
Idexx Laboratories Inc. (IDXX) $563.00 -3.68%
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